financial markets. In addition, we generalize the well-known welfare measures of consumer and producer surplus as present value …

of monetary policy and can affect households' welfare. This study uses a model with money-in-the-utility function to …' seigniorage revenue, holding foreign money can be welfare generating if domestic currency depreciates vis-à-vis the currencies in …

of monetary policy and can affect households’ welfare.This study uses a model with money-in-the-utility function to …’ seigniorage revenue, holding foreign money can be welfare generating if domestic currency depreciates vis-à-vis the currencies in …

financial markets. In addition, we generalize the well-known welfare measures of consumer and producer surplus as present value …